Dubai Financial Market Q1 profits drop 43%

Dubai Financial Market (DFM), the company that owns the Dubai Stock Exchanges has made $7.65 million profit for the first quarter of 2019, a 43% decrease on the profit made in the corresponding period in 2018.

There was also a 21% decrease in total revenue to $21 million and a 41.4% decrease in trading volume for the first quarter.

The reduction in trading was the main cause of the decline in profit given that operating expenses for the quarter remained much the same as in 2018.

On the positive side, DFM did manage to attract 654 new investors, 64 of which are institutional bringing the total number to 843, 778.

DFM chairman Essa Kazim welcomed the results as a relatively improved performance compared the final quarter of 2018. He also highlighted the 2% increase in market capitalisation and a 4.15 rise in the DFM General Index and an extension of its gains to 11% year-to-date.

And while overall trading activity has slowed the results showed foreign investors registered net purchases of $187.34 million, while institutional investors registered net purchases of $136.15 million.

©2019 funds global mena

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